Azenta, Inc. · NASDAQ:AZTA
Azenta — Q1 2023 Earnings Presentation
14 slides from Azenta's earnings presentation, Feb 8, 2023
Slide 1: Conference Call First Quarter Fiscal 2023 Financial Results
Conference Call First Quarter Fiscal 2023 Financial Results February 8, 2023 1 Azenta Life Sciences | Proprietary and confidential.
Slide 2: Safe Harbor Statement
Safe Harbor Statement “Safe Harbor” Statement under the U.S. Private Securities Litigation Reform Act of 1995; certain matters in this presentation, including forecasts of future demand and future Company performance, are forward-looking statements that are subject to risks and uncertainties that co
Slide 3: Azenta Life Sciences Q1 FY 2023 Overview
Azenta Life Sciences Q1 FY 2023 Overview Continuing Operations – Quarter and Ended December 31, 2022 Q1’23 revenue of $178M, up 28% YtY; Organic growth ex-COVID of 7% YtY • Products +15% YtY organic ex-COVID driven by automated systems (+23%) and C&I (+16%) • Services +4% YtY organic ex-COVID driven
Slide 4: Azenta Life Sciences Operating Performance
Azenta Life Sciences Operating Performance Continuing Operations – Quarter Ended December 31, 2022 $ millions, except EPS GAAP Non-GAAP Q1'23 QtQ Q1'23 QtQ YtY Q1’23 Revenue Growth (YtY) Revenue 178 30% 178 30% 28% Gross profit 74 27% 81 34% 18% Q1 '2 2 Q1 '2 3 Y tY % 41.4% (0.8) pts. 45.4% 1.5 pts.
Slide 5: Life Sciences Products Performance
Life Sciences Products Performance Quarter Ended December 31, 2022 Products Revenue Growth (YtY) $ millions Q4'22 Q1'23 QtQ YtY Q1 '2 2 Q1 '2 3 Y tY Reported 50 90 80% Revenue 48 90 85% 80% FX (3) 6% Gross profit 19 39 99% 69% M&A 46 (92%) Organic 50 47 (6 %) % 40.2% 43.2% 3.0 pts. (2.7) pts. COVID
Slide 6: Life Sciences Services Performance
Life Sciences Services Performance Quarter Ended December 31, 2022 Services Revenue Growth (YtY) $ millions Q4'22 Q1'23 QtQ YtY Q1 '2 2 Q1 '2 3 Y tY Reported 90 89 (1 %) Revenue 89 89 (1%) (1%) FX (3) 4% Gross profit 41 42 3% (8%) M&A - 0% Organic 90 92 2% % 45.8% 47.6% 1.7 pts. (3.6) pts. COVID 2 0
Slide 7: Summary Consolidated Balance Sheet
Summary Consolidated Balance Sheet Sep Dec QtQ 2022 2022 $ millions Cash, restricted cash, short term marketable securities 1,953 1,138 (814) • $1.4B cash, cash equivalents, Accounts receivable, net 164 202 38 restricted cash and marketable Inventories 86 146 60 securities at 12/31/22 Other current
Slide 8: Q2'23 Guidance
Q2’23 Guidance Q2’23 Guidance $ millions, except EPS Q1'23 Q2'23 Projected Q2’23 Revenue Growth (YtY) Revenue $178 $156 - $171 Q2 '2 3 LS Products $90 $72 - $79 Reported ~13% LS Services $89 $84 - $92 Organic ~ (5 )% Adjusted EBITDA $12 ($2) - $6 Non-GAAP diluted EPS $0.12 ($0.04) - $0.04 Organic ex
Slide 9: Appendix
Appendix 9 Azenta Life Sciences | Proprietary and confidential.
Slide 10: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Continuing Operations – Total Azenta $ millions, except EPS Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Revenue 139.7 145.5 132.7 137.6 178.4 GAAP gross profit 67.0 70.8 59.6 58.1 73.9 Gross profit margin 48.0% 48.7% 44.9% 42.3% 41.4% Amortization expense 1.8 1.8 1.8 1.9
Slide 11: GAAP to Non-GAAP Reconciliation - Segments
GAAP to Non-GAAP Reconciliation Continuing Operations – Segments $ millions, except EPS Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Life Sciences Products Revenue 49.9 53.6 47.4 48.4 89.7 GAAP gross profit 22.7 26.3 21.0 19.1 33.0 Gross profit margin 45.5% 49.0% 44.4% 39.4% 36.8% Amortization expense 0.
Slide 12: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation Continuing Operations $ millions Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Net income 43.3 2,119.9 (9.6) (20.8) (11.2) Income (Loss) from discontinued operations, net of tax (40.5) (2,121.7) 2.6 15.5 - Net income (Loss) from continuing operations 2.9 (1.8)
Slide 13: Operating Profit to Adjusted EBITDA Reconciliation
Operating Profit to Adjusted EBITDA Reconciliation Continuing Operations – Segments $ millions Life Science Products Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Operating Profit (Loss) 4.2 5.0 2.0 (0.1) (3.8) Adjustments: Depreciation 0.7 0.9 0.9 1.2 3.1 Amortization of intangible assets 0.2 0.3 0.3 0.4
Slide 14: Calculation of Organic Revenue Excluding COVID
Calculation of Organic Revenue Excluding COVID Continuing Operations Growth Metrics $ millions Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Revenue 139.6 146 133 138 178 18% 12% 3% 0% 28% Acquisitions/divestitures 2 - 4 46 0% (1%) 0% (3%) (33%) Currency exchange ra